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Sports Direct has agreed to acquire House of Fraser for £90m in a deal that came just minutes after the department store chain entered administration.
A Sports Direct statement read: “The group has acquired all of the UK stores of House of Fraser, the House of Fraser brand and all of the stock in the business.”
The deal looks to have saved a number of jobs and stores from the axe at House of Fraser which employs 17,500 people across 59 stores.
All of the company’s stores were expected to open as usual this morning including those earmarked for closure.
Updates to follow.
